On March 5, 2026, the Hong Kong-listed AI application sector experienced a strong rebound after a previous correction. Several star stocks within the sector performed impressively, with "the two giants of large models," MiniMax (00100.HK), leading the market rise, with its share price surging nearly 13% during the day.

Following closely, Zhipu (02513.HK), HaiZhi Technology Group, and the two autonomous driving giants WeRide and Pony.ai also saw gains of nearly 7%. Market analysts believe that this collective rebound was mainly driven by MiniMax's unexpectedly strong earnings report and expectations of a Federal Reserve rate cut, which helped restore investor confidence in the commercialization path of the AI sector.

Core Driver: MiniMax's First Earnings Report Surprises Wall Street

As the first "AI platform" stock listed in Hong Kong, MiniMax's first annual performance after listing became a catalyst for the sector's rebound. The report showed that the company's revenue reached $79.04 million in 2025, an increase of 158.9% year-on-year, with over 70% of the revenue coming from international markets.

  • Improved Profitability: Although the net loss on the balance sheet was significantly affected by changes in the fair value of preferred shares, the adjusted gross margin rose sharply from 12.2% to 25.4%.

  • Explosive Growth: CEO Yan Junjie revealed at the earnings call that the company's ARR (Annual Recurring Revenue) had surpassed $150 million in February 2026, with daily Token consumption increasing more than six times compared to the end of 2025. This data greatly eased market concerns about "AI spending without profit."

Synergy Effect: Large Models and Autonomous Driving Mutual Empowerment

The stabilization of Zhipu and MiniMax has driven a recovery in the entire AI ecosystem. As the "first stock of AGI base model," Zhipu's new GLM-4.7 model achieved strong performance globally, providing technical support for its penetration into government and enterprise markets.

At the same time, the rise of WeRide and Pony.ai reflects the accelerated implementation of "AI + mobility" scenarios. With further relaxation of Robotaxi commercialization licenses in both China and the U.S. in 2026, autonomous driving stocks are gradually shifting from "concept hype" to "order fulfillment." Institutions generally believe that the Hong Kong AI sector is undergoing a valuation system restructuring from "a hundred model battle" to "application-oriented."

Would you like me to track the latest portfolio adjustments of Hang Seng Tech Index components in Q1 2026 in real-time, or compare core data between MiniMax and Zhipu, such as API call costs and overseas gross profit margins?